Singapore: Offshore support vessel operator Vallianz brought in Darren Yeo to the role of ceo two years ago from shareholder Swiber. Since then, the company has evolved to become one of the top OSV providers in the region under Yeo’s charge.
Vallianz today owns 28 OSVs and manages more than 50 client vessels. The company has the capabilities to support customers in every stage of the offshore oilfield lifecycle, from exploration, field development, and production to decommissioning. This is because its diversified fleet comprises anchor handling tug supply (AHTS) and platform supply vessels (PSVs), towing tugs and a utility vessel, derrick crane, pipe-laying and accommodation work barges, submersible launch barges, pilot boats, a multi-purpose subsea support & maintenance vessel, a subsea construction & diving support vessel and a crew boat.
The plan, says Yeo, is to add a further 24 vessels to attain a target of a directly-owned fleet of 50 vessels by 2016. These new vessels will include shallow water AHTSs, PSVs and multi-purpose supply vessels (MSVs).
Vallianz has already embarked on its fleet expansion with the acquisition of two new PSVs of Ulstein P128 design in May 2014. These two vessels will be delivered within the next six to twelve months. Vallianz is also partnering with Ulstein Asia to jointly develop another 10 PSVs of the PX128 design, which will be added to the Vallianz fleet at a later time.
The company has also secured a strategic collaboration in April this year with a top Chinese shipyard, whereby Vallianz will provide market intelligence and engineering specifications to the Chinese shipbuilder ranging from AHTS, PSVs, MPVs and accommodation work vessels. In return, Vallianz will have the right of first refusal for up to 200 vessels constructed in the shipyard but without any upfront financial obligations or liabilities. The company currently has 13 vessels under construction in China
“This arrangement gives us ready access and flexibility to acquire vessels that are built to our specifications when the need arises. In addition, it will enable us to price our contracts more competitively, and reduce the time-to-market of our vessels as Vallianz actively bids for projects in various regions,” Yeo tells Maritime CEO.
While there has been some concern voiced by industry experts that day rates for rigs have been falling this year, Yeo is adamant that there are no overcapacity issues for the shallow water offshore support vessels as global demand continues to be firm.
Vallianz is very much going global these days. In October 2013, Vallianz secured an immediate presence in the Middle East market by acquiring a 50% stake in Rawabi Swiber Offshore Services, winning chartering contracts worth $150m from a leading oil company in the Middle East a month later.
Vallianz has also taken steps to penetrate and extend its presence to the booming Latin America market. It was awarded its first charter and shipmanagement contract worth $82m from a major offshore construction company in April 2014.
In early July this year, Vallianz sealed a collaboration agreement with Offshore Oil Engineering (COOEC), China’s largest offshore engineering and construction company. Under the agreement, Vallianz will provide certain offshore support vessels to support offshore construction activities and operations of COOEC.
“We expect this collaboration will create opportunities for Vallianz to steer into China’s vast offshore oil and gas industry,” says Yeo.
Besides the Middle East, Latin America and Asia Pacific, Vallianz is also setting its sights on penetrating the offshore marine market in West Africa. [17/07/14]